Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of
A) employment in a specific industry.
B) employment in the economy.
C) output of a specific firm.
D) output of a specific industry.
Answer: B
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A good is characterized by network economies if it:
A. is widely advertised on television. B. becomes more valuable as more people own it. C. can be used by more than one person at a time. D. becomes cheaper to produce as more people buy it.
The first systematic attempt to explain the determinants of the price level and national levels of income, employment, consumption and real Gross Domestic Product (GDP) was made by ________ economists
A) supply-side B) classical C) Keynesian D) monetarist
The expenditure multiplier applies only to changes in government spending
a. True b. False Indicate whether the statement is true or false
Government decisions tend to be biased toward actions that have
a. current benefits that are easily observable and future costs that are difficult to identify. b. current benefits and future costs that are both difficult to identify. c. future costs that are easily observable. d. clear benefits to the poor at no costs to the wealthy.